Ethereum Price (ETH) Could Breakdown In Short Term, Bitcoin Down 3%

ETH price is struggling to continue to move higher above the $185 resistance against the US Dollar.

The price is likely to decline if bitcoin continues to struggle below the $10,250 level.

There is a connecting bearish trend line forming with resistance near $182 on the hourly chart of ETH/USD (data feed via Kraken).

The price remains at a risk of more downsides as long as the price is below $185.

Ethereum price is struggling to gain strength above $185 versus the US Dollar since bitcoin is declining. ETH price could spike below the $180 support in the near term.

Ethereum Price Analysis

In the past two days, ETH price made two attempts to surpass the $185 resistance against the US Dollar. However, bitcoin price struggled to climb higher above the $10,350 and $10,400 resistance levels. As a result, Ether price also started showing a few bearish signs below the $185 resistance. On the positive side, the price is holding the main $178 and $180 support levels.

The last swing low was formed near the $177 level. The price is currently correcting higher above the $178 and $179 levels. Moreover, there was a break above the 50% Fib retracement level of the recent decline from the $185 swing high to $177 swing low. On the upside, the $182 level is currently protecting gains. Additionally, there is a connecting bearish trend line forming with resistance near $182 on the hourly chart of ETH/USD.

The 61.8% Fib retracement level of the recent decline from the $185 swing high to $177 swing low is also acting as a resistance. If there is an upside break above $182, Ethereum price could revisit the $185 resistance level. To continue higher and start a decent rise, the price must break the $185 and $186 resistance levels.

On the upside, an initial support is near the $180 level and the 100 hourly simple moving average. The next key support is near the $178 level. If there is a downside break below the last swing low, the price could correct further lower towards the $170 support area in the near term.

Looking at the chart, Ethereum price seems to be currently consolidating in a range below the $182 and $185 resistance levels However, if bitcoin price continues to slide, there are chances of a sharp downward move move in ETH below the $175 support area in the coming sessions.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is likely to move back into the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 level, with a minor bearish angle.

Major Support Level – $178

Major Resistance Level – $185

Ethereum Price (ETH) Could Breakdown In Short Term, Bitcoin Down 3% was last modified: September 11th, 2019 by Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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